BAKU:The Asian Development Bank (ADB) Governors roundtable, here on Monday morning discussed the impact that low oil prices had on member countries.
The exporters were having to adjust their expenditures due to decrease in revenues while the net importers were benefiting from current account improvement like Pakistan.
Pakistan’s Finance Minister, Senator Mohammad Ishaq Dar contributing to the discussion, spoke of the positive and negative impact of drop in oil prices.
He said while the current account deficit came down it also increased
disposable income for the common man. It has also impacted the revenue so he
proposed to consider a global fund which may address both the needs of importing and exporting countries.
The Australian Finance Minister acknowledged the observation of the Finance Minister Dar and said that ADB and other countries should consider options as this (oil prices impact) may be a long term issue.
President ADB also mentioned Senator Dar’s remarks on loss of revenue due to drop in oil prices and described it an interesting issue for discussion.